A fall is possible.

On the daily chart, the upward wave of the higher level C develops, within which the first wave (1) of C forms, and a downward correction started as the second wave (2) of C. Now, the wave А of (2) is developing, within which the first wave of the lower level i of A has ended, and a local correction is developin as the second wave ii of A. If the assumption is correct, the price of the asset will fall to the area of 457.77–400.00. In this scenario, critical stop loss level is 637.62.

Main scenario

Short positions will become relevant below the level of 637.62 with the targets at 457.77–400.00. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price above the level of 637.62 will let the price grow to the area of 685.00–730.00.